Multi-asset teams sentiment indicator: Caution needed in Q2

The outlook remains cautious for risk assets and most multi-asset managers anticipate developed market economies falling into recession either in the second or third quarter of 2023. There is concern that negative effects from the recent stresses witnessed in the banking system will eventually ripple through the US economy in the form of higher borrowing costs for companies and generally tighter financial conditions.  Complacency has crept into investors' psyche when it comes to equities, and we may have seen a bear market rally during the first quarter of the year. For a sustained eq...